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partner getting older. need advice

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  • #31
    No he's not on narcotics.  And he has limited what type of surgeries he does. Everything he does is safe and done right. Excellent surgeon. His overall volume has gone way down. There's no liability issue. He's a good, highly ethical guy. He seems to think he could claim a disability. I don't know if he's right. Up to the insurance to decide. If they say no, then he has to deal with us and all of the business stuff. That's all I'm saying.

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    • #32
      He might be able to claim a partial disability, with his decrease in productivity.  Assuming it's not just from taking a lot of vacation..

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      • #33







        I don’t claim to know how to trigger a policy. But he has very significant cervical spinal disease and has already had one discectomy. Has permanent weakness in his arm, pain issues as well. I’d think one could claim a disability in this setting but I’m not an insurance agent/expert. Plus, I do not know what type of policy he has, own-occ riders, etc. Just saying if it’s true that this is an option for an individual, they could potentially think “screw all of this”, retire, and collect an insurance paycheck, leaving us with the overhead to cover.
        Click to expand…


        I would think the insurance company would have a pretty easy argument that he isn’t disabled if he has been practicing. On the other hand, if he is truly disabled and has been practicing, your practice could have quite the liability on its hands. This is very important information, especially if the other partners (you) are aware of this. What’s your specialty? Is he on chronic narcotics for his pain? I think you and other partner (with guidance from a lawyer) need to determine if its even safe for him to continue seeing patients before you start talking about the money issues.
        Click to expand...


        Agree 100% with CM.

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        • #34
          I am truly happy to see someone care so deeply about their partner and friend.

          best of luck resolving this amicably.  if your senior partner is the same friend to you as you are to him, it will work out well and he won't want to take money from you either.  perhaps jointly you can set up some meetings to start the discussion of easing him into a retirement trajectory.

          for data point, we used to allow senior partners to get out of call two years before retirement.  they immediately gave up their voting shares.  perhaps you can arrange a buy back of his partnership share over two years to ease some of the financial issues.  afterwards, they could be hired essentially as locums at the discretion of the voting partners.  but often allowing people 12 weeks of vacation serves to allow them to keep working without them realizing how much work is being transferred to the people left behind.

          anyways I droned on longer than intended

          best of luck to you

          and again, many props to you for your thoughtful consideration of your partner's feelings.

           

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          • #35
            Tough position to be in, but if you and the other Jr partner are on the same page I think at the end of the day you have the most leverage.

            If he needs the income, then he can either increase his volume (?maybe impossible due to his limitations?) or possibly he could start covering more night/weekend call.  Though he may not be billing out procedures for the call, maybe it is worth it to you and the younger partner to give up some call to him for a "goodwill" income boost.

            Ultimately though, I think you're just going to have to sit down and have the conversation that his production is not meeting his salary.  I would be honest and tell him that you've struggled with how to approach this because you care about him as a person/colleague, but you also need to think about the corporation/partnership as a whole and don't think it's a solution to continue to pay him well above his intake.

             

             

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            • #36




              I am truly happy to see someone care so deeply about their partner and friend.

              best of luck resolving this amicably.  if your senior partner is the same friend to you as you are to him, it will work out well and he won’t want to take money from you either.  perhaps jointly you can set up some meetings to start the discussion of easing him into a retirement trajectory.

              for data point, we used to allow senior partners to get out of call two years before retirement.  they immediately gave up their voting shares.  perhaps you can arrange a buy back of his partnership share over two years to ease some of the financial issues.  afterwards, they could be hired essentially as locums at the discretion of the voting partners.  but often allowing people 12 weeks of vacation serves to allow them to keep working without them realizing how much work is being transferred to the people left behind.

              anyways I droned on longer than intended

              best of luck to you

              and again, many props to you for your thoughtful consideration of your partner’s feelings.

               
              Click to expand...


              that sounds pretty reasonable

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              • #37
                Chiming in as an insurance agent who has helped with disability claims, if he has a partial/residual disability rider on his policy, he should definitely speak with a licensed agent (ideally the one who helped establish the policy) to discuss filing a claim as he has a medical condition that has reduced his production (and ostensibly his income). Some individual disability policies only require a 15 or 20% loss of time or duties to qualify for partial disability and some policies require demonstration of a 15 or 20% loss of income as well.

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